Australian banks launch mobile payments app
Written by Chris Lemmon
Commonwealth Bank, Westpac and National Australia Bank have collaborated to launch a new mobile payments app that will enable instant payments for all Australians, including small businesses.
Named Beem, the new app enables users to make an instant payment using their smartphone, and request payment from someone who owes them money or to split a bill. Bank level security and encrypted user account information means each transaction will be authenticated and subject to real-time fraud monitoring.
Matt Comyn, group executive of retail banking services at Commonwealth Bank, said: “Two thirds of small businesses say they are owed money for completed work, with around $7,300 owed to small traders. Beem will give small businesses a cost effective and easy way to collect payments instantly and on the go for their goods and services, without having to take the larger leap into using merchant credit facilities, or issuing invoices to be paid later”
George Frazis, chief executive of Westpac, added: “We are committed to giving our customers more choice by supporting a range of convenient ways for them to pay and transfer their money. Customers will soon be able to ‘Beem’ free payments instantly using any smartphone, regardless of who they bank with and without the need to add account details.
“Innovations such as Beem and wearables are leading the way in payment solutions because they’re convenient, easy to use, and fit in with people’s lifestyles – we firmly believe in going to where our customers are and providing them with greater choice.”
Beem will work on both iOS and Android smartphones, and will be compatible across devices and different banks – users won’t need to be customers of CBA or Westpac or NAB.